Crypto Market Sees $1 Billion Liquidated in 24 Hours
Ripple (XRP), Binance Coin (BNB), and Solana (SOL) dropped sharply on Tuesday. The whole cryptocurrency market faced a strong sell-off. Bitcoin (BTC) fell to $107,000, while Ethereum (ETH) stayed around $3,600. Altcoins are at risk of more losses as selling pressure grows.
XRP Holds Key Support Level Amid Selling Pressure
XRP rose over 1% on Tuesday after losing nearly 8% the day before. Traders are watching the $2.30 support, the low from October 11. If XRP falls below this, it could drop further to $2.19 or even $1.90.
The 50-day EMA might cross below the 200-day EMA, forming a Death Cross, which signals a possible sell-off. The MACD indicator shows bearish momentum as it moves down toward the signal line. The RSI sits at 39 and is falling, suggesting more selling pressure.
On the upside, XRP could rebound to test the 200-day EMA near $2.60.
BNB Continues Downtrend After Bearish Breakdown
BNB is trading below $1,000 after dropping 8% on Monday. It broke down from a bearish flag pattern on its 4-hour chart. The next support is at $932, the low from September 26. If BNB drops below this, it might fall to $819.
A Death Cross happened between the 50-period and 200-period EMAs on the 4-hour chart, which often signals more losses. The MACD remains negative, and the RSI is oversold, showing strong selling pressure.
For a rebound, BNB must rise above $1,000. Then the 50-period EMA near $1,075 would act as resistance.
Solana Drops Despite ETF Inflows
Solana slipped nearly 1% on Tuesday, continuing its 11% loss from Monday. This comes even as US spot Solana ETFs saw $70.05 million in inflows on Monday, the highest for four days straight.
Solana broke support near $174 on Monday, which could lead to more falls toward $153. The 50-day EMA may cross below the 100-day EMA, another sell signal.
Technical indicators also show increased selling. The MACD crossed below the signal line, and the RSI dropped to 32, close to oversold. To turn bullish, Solana needs to climb above $174 and possibly reach the 200-day EMA around $186.
